Tamilnadu State Board New Syllabus Samacheer Kalvi 8th Social Science Guide Pdf Economics Chapter 2 Public and Private Sectors Text Book Back Questions and Answers, Important Questions, Notes.

Tamilnadu Samacheer Kalvi 8th Social Science Solutions Economics Chapter 2 Public and Private Sectors

Samacheer Kalvi 8th Social Science Public and Private Sectors Text Book Back Questions and Answers

Public and Private Sectors

I. Choose the Correct Answer:
1. The public sector in India owes its origin in the ……………… industrial policy resolution of the Government of India.
a) 1957
b) 1958
c) 1966
d) 1956
Answer:
1956

2. Mixed economy is the mixture of ……………… .
a) Capitalism
b) Socialism
c) a& b are correct
d) A & B are incorrect
Answer:
c) a & b are correct

3. …………………… is governed by a company law and controlled by the Government as principal major share holders.
a) Private Sector
b) Joint Sector
c) Public Sector.
d) None of these
Answer:
b) Joint Sector

4. Public sector is on ……………… motive.
a) Profit Motive
b) Service Motive
c) Speculative Motive
d) None of these
Answer:
b) Service Motive

II. Fill in the Blanks
1. The …………………… and …………………… are allotted their respective roles in promoting the economic welfare of all sections of the community.
Answer:
Pubiic sector, Private sector

2. The private sector is on …………………… motive.
Answer:
profit

3. …………………… is the process of social and economic development in a society.
Answer:
Socio-economic development

4. The main function of the private sector is to create …………………… and ……………………
Answer:
innovation, modernisation

5. The government is committed to strengthening …………………… and cooperation among the citizens.
Answer:
Community business

III. Match the Following

1. Think Tank a) Primary Sector
2. Agriculture b) Gross Domestic Product
3. Industries c) NITI Aayog
4. GDP d) Secondary Sector

Answer:

1. Think Tank c) NITI Aayog
2. Agriculture a) Primary Sector
3. Industries d) Secondary Sector
4. GDP b) Gross Domestic Product

IV. Which is the Odd one.
1. Which one of the following is not the indicator of Socio-Economic Development.
a) Black Money
b) Life Expectancy
c) Gross Domestic Product (GDP)
d) Employment
Answer:
a) Black Money

V. Which of the following is a correct answer.
1. i) The Industries which would be exclusively owned by the state are referred to as Schedule-A
ii) The industries in which the private sector could supplement the efforts of the state sector, with the state taking the sole responsibility for starting new units which are specific in Schedule-B.
iii) The remaining industries which were in the private sector are not mentioned in the Schedule.
a) All are Correct
b) i and iii are correct
c) i and ii are correct
d) None of these
Answer:
c) i and ii are correct

VI. Short Answer:
1. Write a short note on public sectors?
Answer:

  1. The sector, which is engaged in the activities of providing government goods and services to the general public is known as the Public Sector.
  2. The enterprises, agencies, and bodies are fully owned, controlled, and run by the government whether it is central government, state government, or a local government.

2. What does society want?
Answer:

  • Society wants the state to play an extensive role in developing the country.
  • The economic growth may be sustained at a maximum rate if the private sector and public sector join hands.

3. Write the objectives of the Public Sector?
Answer:
The objectives of the Public Sector:

  1. To promote rapid economic development through the creation and expansion of infrastructure
  2. To generate financial resources for development
  3. To promote redistribution of income and wealth
  4. To create employment opportunities

4. What are the three organs of public sectors?
Answer:
The three organs of the public sector are

  • Administration by a government Department.
  • The Joint sector companies
  • Public corporation

5. Name some indicators that measure socio-economic development.
Answer:
Socioeconomic development is measured with indicators, such as GDP, life expectancy, literacy and levels of employment.

6. Write a short note on the Private sector?
Answer:
The segment of a national economy that is owned, controlled, and managed by private individuals or enterprises is known as the Private sector.

7. Name any three Major Private Sector industries?
Answer:

  • National Thermal Power Corporation (NTPC)
  • Oil and Natural Gas Commission (ONGC)
  • Steel Authority of India Limited (SAIL)

VII. Brief Answer.
1. Explain the organs of public sector.
Answer:
The organs of Public sector are
Administration by a Government Department:

  • It is very common in all most countries.
  • Eg: Post and Telegraph, Railways.

The Joint Sector companies:

  • It is governed by a company law and controlled by the Government as principal major share holders.
  • Eg: Indian Synthetic Rubber Limited.

Public Corporation:

  • This type of organization is the establishment of public corporation by the state of the Parliament of legislative.
  • Eg: LIC, Air India.

2. Write briefly explain the history of public sector?
Answer:
History of Public Sector:

  1. When India achieved independence in 1947, it was primarily an agricultural country with a weak industrial base. It is established for their own economic interest and rule the subcontinent with brute force.
  2. The first Industrial Policy Resolution announced in 1948 laid down broad contours of the strategy of industrial development.
  3. The Planning Commission was formed in March 1950 and the Industrial Act was enacted in 1951.
  4. Pandit Jawaharlal Nehru believed that the establishment of basic and heavy industry was fundamental to the development and modernisation of the Indian economy.
  5. His vision was carried forward by Dr. V. Krishnamurthy and the Indian statistician Mahalanobis.
  6. The 1991 industrial policy allowed greater freedom to the private sector and foreign direct investment was invited from business houses outside india.
  7. Thus, multinational corporations gained entry into the Indian economy.
  8. Thus, we have public sector units, private sector enterprises and multinational Coexisting in Indian economy.

3. Explain any five measured indicators of socio-economic development?
Answer:
Gross Domestic Product:

  • GDP supports in developing socio-economic development. The proportion of GDP by the industrial sector both private and public sector has been increased.
  • It results in increasing government funds and increase public spending.

Life Expectancy:

  • According to Health Ministry statistics, the life expectancy for male is 67. 3 year and 69. 5 for female.
  • The government many schemes to serve poor and vulnerable families.
    Literacy:
  • Educational Skill plays a vital role in the socio-economic development Sarva Siksha Abhiyan is government of India’s flagsup programme.

Employment:

  • A growing number of people moved to urban areas in search of employment.
  • It increased urban population, hence government started the ‘Smart city’ scheme which provides the city with many facilities.

Provision of House, Clean Drinking Water, and Sanitation:
Government sector provides housing facilities, clean drinking water facilities, and sanitary facilities under clean India Planning.

4. What are the importance of public sector?
Answer:
Public sector plays a major role in the development of any economy. It has following importance:
1. Public Sector and Capital Formation:

  • The role of public sector in collecting, saving and investing them during the planning period has been very important.

2. Economic Development:

  • Economic development mainly depends upon industrial development.
  • Heavy and basic industries like Iron and steel, shipping, mining, etc. are required for supplying raw materials to small industries.

3. Balanced Regional Development:

  • Public enterprises have developed the backward areas thereby bringing about a complete transformation in the socio-economic life of the people in these regions.

4. Employment generation:

  • Public sector has created millions of jobs to tackle the unemployment problem in the country.
  • The number of persons employed during the year 2011 was 150 lake.

5. Export Promotion and Foreign Exchange Earnings:

  • Some public enterprises have done much to promote India’s export.
  • The State Trading Corporation (STC). The Minerals and Metals Trading Corporation (MMTC) have done very well in export promotion.

6. Protection to Sick Industries:

  • Public sector takes over the sick industries and prevent many people from getting unemployed.
  • It also prevents unnecessary locking of capital, land, building, machinery,etc.

7. Import Substitution:

  • Some public sector enterprises were started specifically to save foreign exchange.
  • The ONGC, the Indian Oil Corporation Ltd., the Bharat Electronics Ltd., etc., have saved foreign exchange by way of import substitution.

5. Difference between the public and private sector.
Answer:

Public Sector Private Sector
1. Ownership of industries is with government. Ownership of industries is with private individuals.
2. Public revenue depends upon levy of taxes on income and commodities and services. Issuing shares and debentures or by taking loan.
3. Public sector ensures the proper wage. Private sector exploits the workers.
4. It does not allow to concentrate huge wealth in few hands or rich people. It allows concentrated of huge wealth in few hands or rich people.
5. Public sector industries include Police, Army Mining, Health, Manufacturing, Electricity Banking, etc. Private sector industries include finance, Mining, Transport, Education, etc.
6. No tax evasion. Tax evasion is high.
7. It is service oriented. It is purely profit-oriented.
8. Reservations are implemented. Priority is given to the socially backward people. It does not care the socially backward class people. Reservation is not followed.

6. Write the functions of private sector?
Answer:
Functions of Private Sector are given below:

  1. The main function of private sector is to create innovation and modernization.
  2. Develop and maintain infrastructure and services.
  3. Promote and expand existing businesses.
  4. Promote human capital development, to help vulnerable groups.
  5. Promote small, micro and medium enterprises (SMME) through supply side measures, and demand side measures and attract investment in the city.
  6. The Government has fixed a specific role to the private sector in the field of industries, trade and services sector.

Samacheer Kalvi 8th Social Science Public and Private Sectors Additional Important Questions and Answers

I. Choose the Correct Answer:
1. The Industrial act was enacted in ………………..
a) 1948
b) 1950
c) 1951
d) 1956
Answer:
c) 1951

2. ……………….. is an example for the public sector which serves as a consultancy.
a) MECON
b) Railways
c) Hotel
d) FCI
Answer:
a) MECON

3. What is the full form of GDP?
a) Grain Domestic Product
b) Gross Development Product
c) Gross Domestic Project
d) Gross Domestic Product
Answer:
d) Gross Domestic Product

4. ……………….. supports in developing socio – Economic Development.
a) GDP
b) GST
c) GNP
d) none
Answer:
a) GDP

5. The city which provides the city with many facilities like hospitals, schools, and facilities are called ………………..
a) Clean city
b) White city
c) Smart city
d) None of these
Answer:
c) Smart city

6. The largest public sector employer in India is
a) Indian Railways
b) Infosys
c) WIPRO Limited
d) ICICI bank
Answer:
a) Indian Railways

7. ……………….. removes regional inequality.
a) Employment
b) Literacy
c) GDP
d) none
Answer:
a) Employment

8. Example for export Promotion Earning industry is
a) ONGC
b) Indian oil corporation Ltd
c) The State of Trading corporation
d) None of these
Answer:
c) The State of Trading corporation

9. India’s five year plan emphasized the development of public sector enterprises.
a) First
b) Second
c) Third
d) none
Answer:
b) Second

10. The activities of providing government goods and services to the general public is known as Sector.
a) Public
b) private
c) both
d) none
Answer:
a) Public

II. Fill in the Blanks
1. ……………….. is the mixture of merits of both capitalism and Socialism.
Answer:
Mixed economy

2. ……………….. is the key of economic development of a country.
Answer:
Rapid industraiisation

3. Nehru’s vision was carried forward by ………………..
Answer:
Dr.VKrishnamurthy

4. NHPS means ………………..
Answer:
National Health Productive Scheme

5. The public sector of the full growth is an ………………..
Answer:
Economy

6. Administration by a Governor Department – Example ………………..
Answer:
Port Trust

7. The Joint sector companies – Example
Answer:
Indian Synthetic Rubber Limited

8. Public corportation – Example ………………..
Answer:
Air India

9. STC is a ………………..
Answer:
State Trading corporation

10. ……………….. save foreign exchange by way of import substitution
Answer:
The oil and Natural Gas commission

III. Match the Following.

1. Joint sector companies a) Private company
2. State Industries b) Import substitution
3. ONGC c) Gas Authority of Indian Ltd
4. GAIL d) Schedule A
5. Tata group e) Gas Authority of India Ltd

Answer:

1. Joint sector companies a) Private company
2. State Industries b) Import substitution
3. ONGC c) Gas Authority of Indian Ltd
4. GAIL d) Schedule A
5. Tata group e) Gas Authority of India Ltd

IV. Which is the Odd one:
1. Public Sector
2. Balanced Regional Development
3. Import Substitution
4. Life Expectancy
Answer:
4. Life Expectancy

V. Which of the following is the correct Answer.
1. i) The segment of a national economy that is owned, controlled and managed by Private sector.
ii) The Private sector is a part of country”s economic system that is run by individuals and companies, rather than the government.
iii) The contribution of the products of cottage, and village industries and the small, scale industries is the major portion of the wholesale and retail trade.
a) All are Correct
b) i and iii are correct
c) i and ii are correct
d) None of these
Answer:
a) All are Correct

VI. Short Answer.
1. What is mixed economy?

  • Mixed economy is the mixture of capitalism and socialism.

2. What is the life expectancy revealed by Health Ministry?

  • In India for male life expectancy is 67.3 years and for female it is 69.5 years.

VII. Brief Answer:
1. How are industries classified?
Answer:
Industries are classified as the public sector in India owes its origin in the 1956 industrial policy resolution of the government of India. According to it industries were classified as
Schedule A:
The industries which would be exclusively owned by the state are refered as schedule A.

Schedule B:
The industries in which the private sector could supplement the efforts of the state taking the responsibility for starting new units are called schedule B.

Schedule C:
The remaining industries which were in the private sector are mentioned as schedule C.

2. How is the Public sector divided?
Answer:
The Public sector is divided into nine categories. They are

  • Supply essential infrastructure for economic development called primary public ability.
  • Control of the commanding height of the economy.
  • Entrepreneurial role or capital intensive industries.
  • Under government monopoly exclusive meant for high technology industries.
  • Consumer-oriented
  • Taking over the sick private units.
  • Set up as trade corporation. ,
  • Serves as consultancy and engineering services.

3. Give a brief account of NITI Aayog.
Answer:

  • NITI Aayog replaced 65 years old planning commission.
  • Planning commission has power to allocate funds to ministries and states, this function will be now at finance ministry.
  • NITI Aayog was formed on January 1st, 2015.